Abstract:

The right of repurchase in private law is a formative right providing the owner of an asset sold with the option to repurchase under particular conditions for a certain price by unilateral declaration of will. This is of particular importance for immovable assets under Turkish law. The right of repurchase often arises from a contract and can be stipulated within or as a side contract to a sale contract or as a supplement thereto. The Turkish Civil Code and Turkish Code of Obligations provide the official form as a validity condition for the repurchase contract regarding immovable assets. The right of repurchase can be established for a maximum period of ten years. Being a right in personam, the right of repurchase can be annotated with the land registry. The annotated right can be asserted against parties subsequently acquiring rights in rem over the asset. In practice, the right of repurchase often serves as security and is not considered as breach of the lex commissoria prohibition since it is a right regulated by law.  

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